Barclays Knew Lehman Assets Were Off Limits: SEC

Law360, New York (December 17, 2010, 4:53 PM EST) -- The U.S. Securities and Exchange Commission has told a judge that Barclays PLC, which snapped up a number of bankrupt Lehman Brothers Holdings Inc.'s business assets in 2008, has known all along that it couldn't get its hands on about $1.3 billion in additional assets until Lehman's customers were paid.

Government staffers "consistently" told those involved in Lehman's liquidation that only excess funds, if any, in a Lehman reserve account could be transferred to Barclays, according to a letter Jacob H. Stillman of the SEC's Office...
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